Financial Performance - Total revenue for the fiscal year ended December 31, 2024, was RMB 996,497,000, representing a 1.5% increase from RMB 981,574,000 in 2023[2] - Gross profit increased by 9.0% to RMB 282,068,000, with a gross margin of 28.3%, up from 26.4% in the previous year[2] - Net profit attributable to shareholders was RMB 21,130,000, a significant turnaround from a loss of RMB 2,002,000 in 2023, marking an 11.6 times increase[2] - Adjusted EBITDA rose by 10.3% to RMB 101,306,000 compared to RMB 91,861,000 in the prior year[2] - The company reported a comprehensive income of RMB 18,337,000 for the year, compared to a loss of RMB 33,478,000 in 2023[5] - Basic earnings per share for the year was RMB 0.028, a recovery from a loss of RMB 0.003 per share in the previous year[35] - The annual profit for 2024 was RMB 21,130,000, compared to a loss of RMB 2,056,000 in 2023, indicating a significant turnaround[73] Dividends and Equity - The company proposed a final dividend of RMB 0.020 per share, compared to no dividend in the previous year[2] - Total equity increased to RMB 1,219,861 thousand in 2024 from RMB 1,201,338 thousand in 2023, reflecting a growth of 1.5%[8] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.02 per share, totaling approximately RMB 15,102,000, pending shareholder approval on May 16, 2025[37] Cash Flow and Financial Position - Net cash position improved by 81.7% to RMB 415,079,000 from RMB 228,442,000 in 2023[2] - Total liabilities decreased to RMB 724,004 thousand in 2024 from RMB 762,735 thousand in 2023, representing a reduction of 5.1%[8] - The total borrowings decreased to RMB 172,467 thousand in 2024 from RMB 292,294 thousand in 2023, with a weighted average interest rate of 2.71%, down from 3.03% in the previous year[54][56] - The group has trade financing of RMB 340.0 million, of which RMB 233.0 million has been utilized as of December 31, 2024, with a weighted average effective annual interest rate of 1.03%[94] Operational Efficiency - Inventory turnover period improved to 12 days from 16 days, while accounts receivable turnover period increased to 4 days from 2 days[2] - The company aims to enhance operational efficiency through digital transformation and talent development, focusing on sustainable growth and core competitiveness[94] - The company aims to enhance production facilities' automation to reduce labor costs and improve production efficiency[90] Product Performance - Revenue from candy and jelly products reached RMB 530,638 thousand, contributing significantly to the total group revenue of RMB 996,497 thousand for the year ended December 31, 2024[20] - Jelly product sales amounted to approximately RMB 530.6 million, a year-on-year decrease of about 6.5%, accounting for 53.2% of total revenue[62] - Sales of puffed products increased by approximately 13.7% to RMB 311.7 million, representing 31.3% of total revenue, with a gross profit of RMB 86.3 million, up 23.5%[64] - Sales of candy and other products rose by approximately 31.3% to RMB 80.5 million, with a gross profit increase of approximately 125.9% to RMB 18.3 million[67] Strategic Initiatives - The company plans to continue expanding its product lines and enhancing its distribution channels to drive future growth[20] - The company launched a new product, zero-calorie jelly, which aligns with health trends and has shown good market performance, contributing to a 20% increase in sales for the jelly product line[77] - The company introduced a new non-fried snack, "Seaweed Crisps," which caters to health-conscious consumers and is part of its strategy to enhance its market position in the snack segment[79] - The company plans to enhance the management of distribution channels and retail endpoints, increasing the number of retail points and expanding product sales in areas surrounding production bases[81] Challenges and Market Conditions - The competitive landscape in the Chinese snack industry remains challenging, with increasing competition from emerging brands and rising costs impacting operational performance[58] - The company has seen significant sales growth through new snack chain stores, although traditional sales channels experienced a decline due to competitive pricing from these new stores[84] Governance and Compliance - The company has adopted corporate governance policies in line with the highest standards to manage business risks and enhance transparency[109] - All directors confirmed compliance with the standard code of conduct for securities trading for the year ending December 31, 2024[111] - The audit committee, consisting of all three independent non-executive directors, reviewed the financial statements for the year ending December 31, 2024[114]
亲亲食品(01583) - 2024 - 年度业绩